“Well done is better than well said,” quipped Benjamin Franklin. He could have been addressing today’s financial services sector. Financial services organizations have been lauding big data for years, investing in big data infrastructure, and collecting big data in ever-expanding data lakes and data centers.
But in my experience, the one thing they have not been doing with big data is actually using it to further their business. To be fair, they are – like many other industries – using some of it. Business analysts McKinsey & Company claims that although 90% of data worldwide was generated since 2014, only 1% of that data is being analyzed. I am more generous.
Author: Ami Gal